China's Ministry of Commerce said China and Switzerland have completed negotiations to upgrade their free trade agreement and signed a memorandum of understanding. Ministry spokesperson Huang Ling said the upgraded arrangement includes high-level reciprocal opening commitments in goods, services and investment, according to Jiemian News.

In goods trade, both sides said the share of imports entering at zero tariffs will exceed 99%. They also upgraded rules of origin and trade facilitation measures, and agreed to strengthen cooperation on standards and conformity assessment. In services and investment, the upgrade is intended to support China's exports of producer services to Switzerland and provide investors on both sides with higher-level market access and a more stable, transparent and predictable business environment. The two countries will also expand cooperation in digital trade, artificial intelligence, sustainable development, supply chains, pharmaceuticals, machinery and watches. Huang said both sides are now completing their domestic procedures so they can formally sign the upgrade protocol and bring the deal into force as soon as possible.